McCormick selects new boutique fund manager
Investmentconsultant Dominic McCormick has linked up with the European-based Gottex group to launch a new boutique funds management organisation.
The new group, to be called Select Asset Management, will target financial planning dealer groups with a range of hybrid funds built around absolute return strategies, as well as more traditional investment approaches.
McCormick, who has operated as an independent investment consultant since leaving theBridgesdealer group last year, will take up the role of chief investment officer at Select.
Gottex’s representative in Australia, Clayton Friend, has been appointed as Select’s chief executive.
Gottex, a specialist fund-of-hedge-funds manager, will take a 50 per cent stake in the new venture. The remaining 50 per cent will be owned by a consortium, which includes both McCormick and Friend.
The group is currently waiting to have its responsible entity licence approved by the Australian Securities and Investments Commission (ASIC).
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
